hi
we have ceased trading and in the process of completing our final VAT return. Confused on how far back to go with list of assets. Some of ours are quite old. Do we list them or is there an age limit. Example would be Green house Heater bought in 2005. Still working but would it have a value for VAT purposes.
many thanks
Replies (2)
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Is the total value of your assets over £5,000? Personally I wouldn't bother ascribing a value to every single small bit of kit. I would list the big ones and add a line "sundry small items" and give it a value of a few quid.
Technically, you do have to include any asset, irrespective of purchase date. But do give it a current value as Scalloway said.